Brace for impact

This post has been on the oven for a few months.  I think it still makes sense




As most have noticed, the funding market has, recently, become much tighter and choppier. There are significant market holes in almost all stages:

  • Structured Angel rounds dried up
  • There are only 3-4 active series A investors, investing at a much slower pace than in years before
  • International VCs that were mostly picking up the larger Series B checks, have almost all pulled out

Said like this, it may sound as a catastrophic scenario for the community but I’m not so sure it is.


The slowdown in rhythm will let us learn and mature before blowing through too much Money.


This also shakes out the people that were in it for the “ free option” of being and entrepreneur, ensuring that the ones left are in for the long run.


Additionally, we open space for new funds to emerge and snap up good companies, as the older ones are not sucking in all the deals. Of course some of these new funds have been created by people that saw the frenzy of prior years and thought that they couldn’t sit out.


While some of these are opportunistic, don’t really understand VC, some others will prove to be good investors and increase diversity in the Market.


Also, the Series B crunch will make experienced entrepreneurs comeback into the fold. To create new startups after some of these companies fail, starting to solve one of the community’s biggest issue, experienced entrepreneurs.


Despite the positive effects that this moment might have on the community, we all want to avoid the harsher sides of the funding crunch. Therefore I’d suggest to entrepreneurs.


  • Seed Stage – Build! It is very unlikely that you will get funded without a product. Powerpoint startups are, for the vast majority, a thing of the past.  Get a product together, ship, and learn!
  • Others – Brace for impact – No matter how confident you are that you can raise the next round, have a break-even plan ready. 
    • Know what are the measures you will take to make your company break-even, how much cash you will need to implement it and what are the triggers to start working at it.  Review it frequently and be ready to go for it if you hit the triggers.


All of these might be painful, but will certainly make us a more robust start-up community.

The Case for a Startup Special Economic Zones

I might be way off base here but would like to get the ball rolling on this Idea and capture some feedback.

Lately, I’ve seen, for the first time, politicians and entities like FIESP stating to think objectively about how to support high impact entrepreneurship in Brazil. Finally people are waking up to the fact that fostering survival entrepreneurship might be good politically but won’t prompt us to a relevant position in the global economy,

There are even ambitious conversations about how to set up a Startup Brazil (copying the very successful model of Startup Chile).

Mostly my feedback to the politicians that want to discuss the topic is that the Brazilian problem is much deeper and entrenched in our economic foundations. What stall the growth of startups in Brazil are bureaucracy, taxation, labor laws and regulations.

We Brazilians know that changing those has been on the discussion agenda for decades and are likely to continue for another few.

So I’d like to propose that instead of pushing to change the whole system, we, Brazilian entrepreneurs, should strive to get the government to create Special Economic Zones. Our model should not be Chile, which already had much of the infrastructure in place, but rather China, that managed to transition from communism to capitalism in a stellar way.

This SEZ, should only focus on hi-tech and highly qualified labor, where a patriarch state makes less sense. We can use Venture Funds in order to finance the companies and the Innovation and R&D incentive (already in place through lei do bem), to fund the VCs.

The SEZ should have :

+Joint efforts from all governmental spheres to reduce bureaucracy (imagine having off the shelf company’s instead of having to go through all the bureaucracy of registering, getting a CNPJ and so on)

A Possible idea is to create the role a government concierge for the startups that guides the entrepreneur (and does the bureaucratic part of the job) through all the steps.

The concierge should be responsible for helping the company expedite its process from beginning to end and should interface with all government entities, therefore being the only touch point from the company to with the government. A initial step in this direction is the Rio Investment Agency

We should support foreign ownership, labor and investment in order to bring Brazilian entrepreneurs to global standard. Easing the restrictions and bureaucracy for foreigners will also be key.

+Less revenue related taxes and more profit based ones. Also, the government should be responsible for dealing with bureaucracy that the complex tax system brings, by collect, centrally the ICMS, for example, and than redistributing it to the states as appropriately.

+Special labor arrangements. Considering that SEZ would focus on highly qualified labor, the state should allow for greater labor law flexibility. For example, it should mandate that employees have pension and healthcare plans, but give them the freedom to choose between the INSS and a private one.

+A para-judicial system based on Arbitration with minimal chances of re-discussing the matter in a common court would also make laws and contracts easier to enforce

None of these are requests unheard off but the idea of combining all efforts into one confined area and use them to foster a startup hub, exploit it as a trial lab for policies that could later be expanded to the country, is not a discussion I hear often and would like to propose.

What are your thoughts?

Please…. Go Lean!

After a long time I’m back to writing. The last few months have been hectic with 2 deals getting finalized, 2-second rounds being worked on and the near closing of the fund. Hope to have good News soon.

Over this period I finally got to read in detail Eric Ries’ The Lean Startup. For those of you that haven’t, I DEEPLY recommends.

The text feels like that it would be synthesized in a 20 page long document rather than a book but the examples are good to get us thinking about the concept and how to apply to our companies.


All the popular buzzwords we hear derived from it are based on that principle:

FAIL FAST: Find a way of testing your hypothesis with minimal effort. Don’t put extra effort into something until you know it is not going to fail

MVP: The minimal product you have to build in order to test your hypothesis

PIVOT: If the base assumption didn’t hold true, change the strategy and test another model

All of these deal with something that Brazilian entrepreneurs struggle with: Failure and Uncertainty.

We as a Catholic country do not deal well with failures. Yet, these can be fundamental in proving us that we were wrong in our assumptions.

Putting the efforts as tests are a good way of dealing with the Failure Fobia we have as, even if the hypothesis didn’t prove to be true, we will be able to claim that the test succeeded in teaching us that.

We have to be able to say “we don’t know  that” and put every statement that starts with “I think”, “assume” and so on, to simple tests to tell us if we are right or wrong on that assumption.

Uncertainty, in turn, is completely opposite to our romanticized image of a successful entrepreneur. We imagine the visionary that in day one was sure how he would build the new Apple, Google or Microsoft. That is normally how the story is told after the fact.

The ugly truth is that most entrepreneurs have hypothesis/vision and when they take it to Market, that vision evolves, changes and even is proven wrong. Embracing this fact will help you set up your company in order to find out what Works and what doesn’t and this, in turn, will accelerate its path to success.

My 15-minute summary of the ideas probably doesn’t do the book justice and you should read it. I just wanted to get the ball rolling and get entrepreneurs thinking more about how to discover/test business models rather than rely on sheer inspiration.

Here is a video on the topic 

The right approach to approaching investors

Those of you who have met me probably already heard my views of how we, Brazilians, are completely ineffective in networking.

In no moment is this more visible to me than in the approach I receive from entrepreneurs.  I’ll take my experience to be representative of the other investors and try to elaborate on that.

Entrepreneurs have reached out to me through multiple channels and I’ll evaluate some of them to help illustrate.

Channel: choose the appropriate channel to reach the person you want to engage. Take into consideration how you will cut through the clutter.  There are two channels an entrepreneur should consider when approaching a VC, e-mail and working events.

E-mail: In a normal week, I receive over 500 emails, 20 of which are pitches from several entrepreneurs who I might or not have previously met. So prioritization kicks into place and I like to divide the e-mails I get into prioritization groups.

GROUP 1: I’ll first read emails from people I know and regard professionally. If you can get those people to make an intro for you, you are already ahead of the game. This people, also know what I’m looking for, helping you decide if I’m the right investor for you and fine tune your pitch

GROUP 2: Then I move to people I have met (we do a lot of that in this business) and sift through what is Urgent, Important or just an Update and respond in that order.

Note that this is the stage where my day normally ends. So often, GROUP 2 emails are leftover for the following days.

GROUP 3:Then I’ll go through emails that come via our contacts@… Email address. These are easier to sort because I know what they are looking for.

GROUP 4:  Emails directed to me from people I don’t know. These normally take a long while for me to get through them. Often It happens on Friday nights when I’m cleaning up my mailbox.

NO GROUP: Emails address to “ Dear Sirs”, “Prezados”, with my name on a large list on anything that seems like a mass email, it a big turn off. We are not in the auction business and getting an investors requires getting to know them personally, when you send SPAM, you are as far away from personal as possible.

As you see, clearly the most effective way to get attention is to get into the first group, through someone I know well. Yet, if you tried and have not been able to find a connection between us that is OK. We, investors,  try to create opportunities to meet un-introduced people.

Meet ups and events: We regularly attend meet ups and events where you can approach us and introduce yourself and give a quick pitch.  If we think that your business is something that might make sense for us, we will give you a card and ask you to send and email to schedule a full conversation.

Please be mindful that at these events, we are trying to meet as many startups as possible so keep the pitch short and sweet. 3 – 5 minutes should be a good target. If you are not able to engage an investor in such window of time, it is unlikely you will in a longer pitch.

In such events, too, if someone I know from the community introduces you, you will get more of my attention

Channels To Be Avoided: Avoid anything that seems intrusive – Brazilians are especially sensitive to this. Here are a few examples:

+Cold calling someone: While this might work in the US, sending an email and asking to schedule a call might take longer (specially depending on the GROUP your email falls into) but ensures that we know who we are talking to.

I spend ¾ of my days in meetings so when I take a call from someone who I don’t know who it is, my first instinct is to try to hang up as quickly as possible.  While my cellphone number is on my card and email signature, it is meant for the case there is something urgent or we get to know each other. It is not the best channel for an initial conversation.

+ Non-work related events: When we are out having dinner with our wifes, we are there to have dinner and not waiting to be pitched. Same thing when I’m at a soccer match or the movies. I’m there to relax, not work and my mind will hardly focus on what you want me to.  If we meet in such situations, give me a bit of context, take my card and shoot me an email to schedule a conversation later.

+Facebook: This, just as non-work related events, is not where we go when we want to work. Moreover, Facebook is a social network mainly used for personal affairs, rather than professional ones, and our personal life has very little to do with our investments.

+LinkedIn: The verdict is still pending on LinkedIn. While this is clearly a better medium of communication than Facebook (for work related stuff) I’m unsure how much I like to publicize to other investors my deal flow/entrepreneurs I’m talking to.  In an ideal world, I’d only be invited to connect to someone on LinkedIn after we’ve met personally.

Timing: Best/quicker answers happen when the timing for your email is right.  A lot of people write emails on weekends. When I get to the office I have an enormous backlog to go through. Additionally, most funds hold partners meetings on Mondays, further increasing the backlog. You don’t want to be caught in the backlog as one won’t devote all attention to every email.

Choose to send emails on Tuesday mornings, when the backlog has been cleared and your email will get more attention. Friday afternoon and nights are an invitation to fall on Monday’s backlog.

Same logic applies to in person meetings. Don’t grab and pitch when the investor is paying the bill at an event.

Relevance: Be aware that what is relevant for you is not necessarily relevant for the investor. Some entrepreneurs shoot me 5 emails and 2 phone calls in a week telling me that we have to schedule a meeting because he is going to close the round.  That is not the right approach. If you are in a timeline as tight as that to close a round, we are likely not going to be able to join because our analysis period is far longer than that (3-4 weeks minimum).  Focus on the investor you have at hand and cultivate me for future rounds.

Follow-ups: It’s definitely very important to follow-up on discussions with your potential investors, but you should never seem intrusive or let potential investors get the perception that you are desperate (remember you could never set up a date with I girl that realized you were desperate to do it). Thus, make sure your potential investors received your decks/e-mails and will provide you feedback on that, but give them time to digest it, discuss with the team and get back to you. Avoid 13 irrelevant contact trials within a week.

General Don’ts: There is not a magical recipe or the exact right way to approach a VC, and you will have to figure out the best way to do it case by case. But on top of all the tips I gave, there are things you should never do, in case you don’t want to be disregarded even before having the opportunity to present you company.

+Poor Quality Check: Never send an e-mail or a deck before checking and reviewing very carefully. Sending wrong versions, models, data or poorly written e-mail will give the impression that either (i) you don’t care for that e-mail or file or (ii) you are not capable of delivering top notch things. You don’t want to leave VCs with none of these perceptions.

+Lie: As obvious as this may sound, believe it or not, there are entrepreneurs that send e-mails saying that they achieved results they didn’t or that they know people they don’t. Truth will always emerge, VC world is small and word gets fast to the street. You will not only be automatically dropped from the deal flow, but you also find it very difficult to schedule another meeting with us or any other VC.

All that said, it is important to note that this is only for you to get, in a proper manner, the attention of the VCs you want to approach. This doesn’t at all diminish that need of having a killer pitch and a great company/project/team behind it. You will still need to present your project, engage the investor and have the metrics/proof to the key assumptions in your model.

I hope this helps you guys. And good luck when trying your next approach!

(special thanks to Luiz, who helped me write)

What is next on the Gaming Front?

As any other VC in the country, we have seen hundreds of Business Plans of gaming companies. More often than not, these BPs go little beyond their cool game and how they will get 2 million active users.

For us, it is really hard to bite into that pitch that the game you have designed is so awesome that, by itself, it will become an instantaneous hit.

As a consequence, we’ve gotten more excited with businesses that create methods to ensure the success we are looking for. Some go through the proprietary advertising network route for cross promotion, others focus on SEO.

Yet, what we have not seen and would love to, is the next generation of games. We see a few major trends and questions and would love to find companies ready to answer these:


How do we bring the heavy user of games into social and mobile games?

Of course targeting women and kids is fun, and it has been the fastest growing market. But the $70 billion gaming industry was built on Young males. These are typically console players and have, so far, been alienated from the social /mobile space.

There was a technological barrier in having complex graphics on Flash 10 and old phones.  But Flash 11 is around the corner (with direct access to the video board rather than the processor) and smartphones and tablets are becoming quite powerful.


How do we create cross-platform/cross-screen games?

There is no reason why one should play different games in different platforms. How do we create meaningful interactions on the phone for when the gamer is away from his computer?

Answering these questions will have direct impact in the monetization potential of the game as well as cost of acquisition

Clearly, different consumption occasions demand different types of interaction, but do they also demand different games or just different interactions within the same game?

Furthermore, there are questions regarding the future of console gaming.

How do this come online in order to avoid distribution costs of hard copies? How will the consoles evolve/disappear/morph given the proliferation of computing capacity (laptops, tablets, smarTVs) and interconnectivity?

How do we leverage that most people sit in front of the TV with a mobile device in hand?


And more interestling, what can consoles learn from social, mobile, and Wii?

Do we really need the control complexity in order to achieve the game depth or could we have the same games with simplified/more natural commands?

Wii and Kinectic took the first crack at this, but we can still imagine thousands of ways of making the interaction more human like. When will we talk to our consoles as we do to IPhone 4s?

At last, there is another big question around augmented reality.


Is there a meaningful role for Augment reality in gaming?  

 Can it be used to bring advertising more strongly into the games? Are there new game modes to be developed?

For most of these, we still do not have a clear answer but would, for sure, love to meet companies testing this limits because although they might not be successful in their first few games, they will already have learned more in order to be successful in the gaming market of the future.

Job Opening: Warehouse Investimentos – Estagiario

Job opening: TerraCycle – Account Manager

We are looking for an outgoing, polished, highly organized, team-focused account manager to work with our corporate brand partners on marketing and program initiatives for TerraCycle’s national Brigade programs. Primary responsibilities include serving as the single point of contact for a portfolio of TerraCycle’s partners and facilitating internal processes to drive program growth.

Responsibilities will include both client relations as well as general program support, and the successful applicant will be trained and highly-successful in both capacities. This is an excellent opportunity for someone interested in sustainability, marketing and business strategy, brand management/relationship building and program management.

Essential Functions and Responsibilities

  • Manage all aspects of TerraCycle’s relationships with sponsor brands and work closely with TerraCycle’s PR, Licensing, Creative and Operations teams to ensure execution of all contractual obligations and drive program growth and success.
  • Create and maintain project plans and activation strategies for each account.
  • Manage project assets including coordination and management of content, e.g., product concepts, program copy, and Brigade materials.
  • Prepare briefs, presentations and analysis of program results, and make recommendations for continuing program growth.
  • Develop knowledge and expertise of clients’ business, industry, competitors, etc.
  • Support senior marketing and product development colleagues in strategic and tactical planning.
  • Act as support and “go-to” point for ad hoc requests from senior marketing and Public Relations colleagues.
  • Schedule and attend internal and external reviews and strategy sessions and ensure that work is meeting client requirements and expectations and that the TerraCycle partnership is most effectively leverage by the brand.
  • Build, manage and maintain project files and schedules for offline and online projects.
  • Ensure consistency and quality of deliverables for assigned accounts.
  • Assist in managing all creative details throughout the project to ensure that action-items are accomplished on a timely and accurate basis.
  • Act as a liaison for creative, PR, Operations and other departments as needed.
  • BA/BS required, advance degree preferred
  • 1-3 years of experience
  • Track record of success in brand management and project management
  • Outstanding organizational skills
  • Exceptional verbal and written communication skills, ability to prepare clear and concise client-ready documents
  • Strong interpersonal skills, demonstrate empathy and commitment to the client, proven ability to manage expectations
  • Fluency with Microsoft PowerPoint, Word, Excel
  • High energy team player
  • Advanced English proficiency is mandatory
  • Attractive compensation
  • CLT contract



How to Apply

Please send an email with a subject heading “Account Manager”, enclosed with a resumé to: Deadline for applications is September 29th, 2011.

Job Location: São Paulo/SP

Job opening: TerraCycle – Business Development Associate

TerraCycle, Inc. is one of the most dynamic green businesses in the world.  Named, “The Coolest Little Startup in America,” by Inc Magazine in the US, the company has been featured in the Financial Times (, CNN, the Today Show and Oprah.  The world’s largest brands engage TerraCycle to collect non-recyclable post-consumer waste from over 90,000 proprietary locations around the globe. TerraCycle collects mostly packaging waste and transforms that waste into new “eco-friendly” products or materials.  TerraCycle operates in the US, Brazil, Mexico, Ireland, Sweden, Turkey, Argentina, Canada and the UK diverting close to 2 billion waste units from landfills. TerraCycle Brazil was launched in 2009 and has engaged over 220,000 consumers in collecting waste, resulting in over R$ 60,000 in donations to schools and local charities. See for more information. 


TerraCycle seeks to hire a Business Development Associate who will report directly to Brazil’s General Manager and will work closely with the Business Development team in the US.


The Business Development Associate will:


  • Identify and contact potential brands partners with a focus on TerraCycle’s domestic expansion strategy,
  • Coordinate TerraCycle’s business development academic semester/Summer internship program,
  • Update and maintain a local database of TerraCycle’s deals with brands,
  • Support TerraCycle’s Brazilian General Manager,
  • Assist in the development and maintenance of key team documents and information management strategies,
  • Other duties as needed.


The ideal candidate should thrive in a fast-paced, startup environment and juggle multiple responsibilities amidst shifting deadlines and priorities. He or she should also have excellent communication and presentation skills, as well as be familiar with sustainability/green business. One year of experience in Business Development is highly desired.



  • Outstanding organizational skills
  • Exceptional verbal and written communication skills, ability to prepare clear and concise client-ready documents
  • Strong interpersonal skills, demonstrate empathy and commitment to the client, proven ability to manage expectations
  • Fluency with Microsoft PowerPoint, Word, Excel
  • High energy team player
  • English proficiency is highly desired


Commensurate based on previous work experience.



How to Apply

Please send a cover email with a subject heading “Business Development Associate” describing your interest in the position, enclosed with a resumé to:

Deadline for applications is September 29th, 2011.

Job Location: São Paulo/SP

Rocket, ampliando os horizontes da industria

Ultimamente, tenho ouvido muita gente falando sobre  a Rocket. Ouso dizer que a maioria não estavam felizes com o que eles estão fazendo. No entanto, isso não significa que não há nada para aprender com eles.

Para aqueles de vocês que não sabem o que é a Rocket, este é o meu entendimento: Rocket é 

uma empresa fundada na Alemanha, que tem se especializado em imitar modelos de negócios de sucesso.

Eles constroem equipes muito capazes, em vários países, que ficam esperando o sinal verde em um modelo de negócio. Uma vez que um modelo é identificado, ele é implementado em vários países a uma velocidade incrível, a fim de ser vendido a empresa sendo copiada.

Eles fizeram isso com Groupon e estão fazendo com a Zappos, B’n’B Air e outros.

No entanto, ultimamente, eles decidiram entrar os EUA com sua cópia AirB’n’B (Windu), mudando a sua estratégia de desenvolvimento de operações internacionais e se tornando uma concorrente. Isso desencadeou uma série de queixas no Vale e em outros lugares.

Apesar de toda a controvérsia sobre o modelo copycat, há duas coisas interessantes para se aprender com Rocket: 1 – O recrutamento é chave, 2 – velocidade do roll out.

1 – Rocket não poupa esforços para recrutar pessoas. Eles o fazem, até mesmo, abordando em pools de talentos não usuais para start-ups, como McKinsey e BCG. Como eles estão se concentrando mais em gestão e velocidade de roll out do que em inovações, essa pode ser uma grande escolha.

Eles tomam a abordagem de conseguir as melhores pessoas na equipe, independentemente do custo. Ao fazer isso, eles estão pagando salários muito altos para start-ups, a fim de ter o talento necessário disponíveis. Com isso, eles estão atraindo um pessoal muito qualificados, que de outra forma levaria uma vida corporativa, para o ambiente empreendedor.

Após essas pessoas que experimentarem uma start-up, é difícil eles voltarem para a vida corporativa. Eles provavelmente irão participar de start-ups onde possam ter mais equity.

Em um país com poucos empreendedores qualificados, como o Brasil, as pessoas com McKinsey / BCG no currículo, assim como de alguns anos em um ambiente de start-up muito agressivo, como Rocket, se tornam founders muito interessantes.

Portanto, eu tenho que agradecer a Rocket pela qualificação da comunidade empreendedora.

2 – Rápido não é suficiente! – Isso é um dos grandes aprendizados que podemos tirar da Rocket.

Nenhuma empresa tera o tempo para dominar o mercado local e em seguida, passar focar o resto do mundo. Uma vez que seu modelo é comprovado, você tem que se tornar, imediatamente, global ou corre o risco de um imitador ter todos os seus mercados internacionais.

Isso efetivamente significa que as empresas se tornarão maiores e mais complexas em uma velocidade muito maior do que se viu anteriormente. Elas exigirão mais recursos no início seu processo de expansão.

Além disso, um tipo diferente de skillset será necessários para crescer essas empresas a esta velocidade. Desta vez, a indústria pode copiar e aprender com a Rocket e sua experiência.

O que torna este um tema interessante é que nem se a start-up quiser iterar, ela tera tem tempo para aprender. Este conhecimento terá que ser trazido por alguém que fez scale-up múltiplas vezes: VCs.  Como os VCs farão isso … a ser visto … mas a tarefa, sem dúvida, será deixada para eles.

Rocket, taking entrepeneurship to new hights

Lately, I’ve heard lots of people talking about Rocket. I dare say most were not thrilled by what they are doing. Yet, this does not mean that there is nothing to learn/profit from them.

For those of you that don’t know Rocket, this is my understanding: Rocket is a company founded in Germany that has specialized in copycatting successful business models.

They build very capable teams on the ground, in several countries, waiting for the Go Ahead on a business model.  Once a model is identified, it is implemented in several countries at an amazing speed in order to be sold to the incumbent.

They’ve done it with Groupon and are doing with Zappos, Air B’n’B and others.

Yet, lately, they decided to enter the US with their AirB’n’B copy (Windu), effectively changing their strategy of developing international operations and rather becoming a competitor. This sparked a slew of complaints in the valley and elsewhere.

Despite of all the controversy regarding the copycatting, there are a two interesting things to learn from them: 1 – Recruiting is Key ; 2 – speed of roll out.

1-   Rocket spares no effort in recruiting top people. They even do so by tapping into unusual pools of talents for start-ups such as McKinsey and BCG.  As they are focusing on the management and roll out rather than the innovations, these guys are great picks.

They take the approach of getting the best people on the team, regardless of the cost. In doing so, they are paying very high salaries for start-ups in order to have the needed talent available but they are also drawing a very qualified crowd, which would otherwise lead a corporate life, into the startup scene.

After these people have they tried a startup, it is hard for them to go back to the corporate life. They will most likely join a venture where they can get more of the equity.

In a country with few qualified entrepreneurs, as Brazil, people with McKinsey/BCG experience as well as a few years in a very aggressive startup environment as Rocket, makes for very good founders.

I thank Rocket for enriching the community.

2-   Quick is not enough! – That is a super learning from rocket. No company will have the time to dominate the local market and then move globally.  Once your model is proven, you have to go global immediately or risks having a copycat take all your international markets.

This effectively means that companies will become bigger and more complex at much faster rates than seen before. They will also demand more funding early on their expansion process.

Moreover, a different type of skill set will be needed to scale these companies up at this speed.  This time the industry can copycat Rocket and learn with their experience.

What makes this an interesting topic is that the start-ups themselves will not have the time to learn this from Rocket and iterate. This will have to be brought in by someone who has done the scale up multiple times: the VCs.  How VCs will do it… to be seen… but the task, no doubt, will be left to them.


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